Credit firms charge British tourists £50 to take out €1,000 – London Evening Standard
In a recent article the London Evening Standard has discovered that British holidaymakers were charged a total of £106million for taking out money with their credit card abroad last month.
They highlighted that the biggest lenders, including American Express, Alliance and Leicester, Virgin Money, Halifax, Lloyds TSB and Bank of Scotland, are charging credit customers more than £50 to withdraw €1,000...
This means that holidaymakers are being charged nearly six per cent. According to the article, on taking out €1,000, Lloyds TSB and Halifax credit card customers pay 2.95 per cent commission - £25.95 - and a three per cent withdrawal fee - £26.39 - meaning their travel money costs £931.95.
The article recommends FairFX, saying that “Another popular currency card, from FairFX, sells €1,000 for £888 and has four times as many users as at the start of the year. It charges €1.50 for every withdrawal abroad.”
Click here to read the article in full.
Monday 21 September 2009, 11:53am
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